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Original-Research: OHB SE - from NuWays AG

22.01.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to OHB SE

Company Name: OHB SE
ISIN: DE0005936124

Reason for the research: Update
Recommendation: BUY
Target price: EUR 202
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller

Underestimated decade of growth ahead, chg., PT up

OHB's CMD marked a clear turning point. First, the company plans to remain
listed, removing a key overhang. Second, management guided for sustainably
rising order intake to more than EUR 3bn by 2027e, even before factoring in
Germany's newly announced special defence space budget. Third, this new
national space budget (EUR 35bn) could translate into more than EUR 7bn of
cumulative additional orders for OHB through 2030e. Together, these points
materially upgrade OHB's mid-term growth dynamics, supporting our BUY
recommendation.

Following the update and recent news, we now expect a 20% sales CAGR through
2030e, with elevated growth rates likely to persist into the late 2030s
(eNuW). In addition, EBIT margins are set to rise to >9% by 2028e, thanks to
an improving mix towards defence, which is carrying structurally higher
margins.

The above is based on noticeable space budget (EU/ESA/national) increases
and OHB's strong position on the key growth categories: observation,
navigation and transportation. Moreover, a clear edge is OHB's positioning
as the only fully German space OEM.

The catalysts are lined up. Next to first big ticket orders expected for H2
'26 related to the EUR 35bn budget promised by Germany's defence minister,
OHB's investment into Rocket Factory Augsburg (RFA, 55.1% ownership, at
equity) could reach a milestone - its first test launch, scheduled this
summer. RFA is industrialized from the outset, utilising the existing setup
of automotive suppliers rather than undergoing complete and costly in-house
manufacturing. It is also the only European company employing staged
combustion engines, the high-end standard for high-performance launch
systems. This creates a clear technological edge in European launch
capabilities. A successful launch should act as additional value catalyst. A
potential SpaceX IPO later this year is seen as another positive trigger,
resetting how markets value space assets. Meanwhile, yesterday, US-based
competitor Blue Origin announced yet another significant project containing
5,408 optically interconnected satellites for enterprise and government
communication, underscoring that the global race for space dominance is
accelerating.

Despite the recent share price rally at OHB, valuations have not run hot,
thanks to rising mid-term earnings projections. In fact, at the current
market cap OHB would already trade at a discount to its own historic EV/EBIT
by 2028e, albeit with an excellent sales and margin momentum, a record
backlog coverage and book-to-bill >2x, all projected for 2028e (eNuW).

BUY, new PT EUR 202 (old: EUR 142), based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=bec73c56f75690dcf25b198418c31aca
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https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2264094 22.01.2026 CET/CEST

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